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With 30+ years of experience, Banker's Academy is the leading global provider of training solutions to the financial community. We specialize in BSA/AML, Compliance Officer, HR Professional, Teller and Branch Manager Training. We’re proud to have partnered with over 2,500 clients worldwide in various financial services industries, with a focus on banks, credit unions, and money service businesses. Let us help you reach your target audience with an innovative, results-driven educational experience.

Defining and developing a competency framework is a large undertaking. We will help you create a valid, useful tool that can be effectuated within our Learning Management System and provide excellent ROI.

Financial Crimes Enforcement Network (FinCEN)

Geographic Targeting Orders issued.

On January 13th, the Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTOs) that will temporarily require certain U.S. title insurance companies to identify the natural persons behind companies used to pay “all cash” for high-end residential real estate in Manhattan, New York City as well as in Miami-Dad County, Florida. FinCEN is using its risk-based approach to combat money laundering in the real estate sector. The GTOs are effective from March 1, 2016 through August 27, 2016.

Office of Foreign Assets Control (OFAC)

OFAC takes on cybersecurity issues.

The Office of Foreign Assets Control (OFAC) published regulations to implement Executive Order (EO) 1934, which was issued in April of 2015. The EO, “Blocking the Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities,” creates a new, targeted authority for the U.S. government to better respond to significant cybersecurity threats, particularly in situations where malicious cyber actors may operate beyond the reach of existing authorities.

Hezbollah sanctioned.

On January 7th, OFAC singled out a key Hezbollah support network by designating a financier who has received millions of dollars from Hezbollah to invest in commercial projects supporting the group. The action continues the Treasury’s ongoing efforts to target Hezbollah and its supporters. As a result of the action, all assets of those designated that are based in the U.S. or in the possession or control of U.S. persons have been frozen, and U.S. persons are generally prohibited from engaging in transactions with them.

Federal Deposit Insurance Corporation (FDIC)

December enforcement actions published.

On January 29th, the Federal Deposit Insurance Corporation (FDC) released a list of orders of of administrative enforcement actions taken against banks and individuals in December. In total, there were 41 orders and one notice issued.

Enforcement actions and terminations released.

On January 15th, the OCC released its list of new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. These lists are released regularly and include all Cease and Desist Orders, CMPs, and Removal/Prohibition Orders.

Dodd-Frank stress test scenarios released.

At the end of January, the OCC released economic and financial market scenarios to be used in the upcoming 2016 stress tests for covered institutions with more than $10 billion in assets. These include baseline, adverse, and severely adverse scenarios, as described in the final rules implementing the Dodd-Frank Act of 2010.

Whistleblower awarded over $700,000.

The SEC announced a $700,000 award to a company outsider who conducted a detailed analysis that led to a successful SEC enforcement action. The whistleblower was commended for his voluntary submission of high-quality analysis. The whistleblower program at the SEC has awarded over $55 million to almost two dozen whistleblowers since the program’s inception in 2011.

Corporation to pay $2 million for misstated financials.

On January 20th, the SEC announced that a mortgage servicer agreed to pay a $2 million penalty after an investigation determined that the company inaccurately disclosed to investors that it independently valued these assets at fair value under U.S. Generally Accepted Accounting Principles (GAAP). As a result, the company misstated its net income for 2013 into 2014.

Consumer Financial Protection Bureau (CFPB)

Public feedback south on mortgage lending information guidelines.

On January 7th, the Consumer Financial Protection Bureau (CFPB) announced that it had begun seeking public feedback regarding the resubmission of mortgage lending data reported under the Home Mortgage Disclosure Act (HMDA). This hearkens back to the October publication of a final rule updating the reporting requirements of HMDA regulations.

CFPB monthly snapshot released.

On January 28th, the CFPB released their monthly snapshot examining consume complaints concerning financial services that run the gamut from debt settlement and check cashing to money orders and credit repair. The report highlighted the prevalence of fraud and consumer concern with reliable customer service.

National Credit Union Administration (NCUA)

Restitution of almost $60,000 ordered.

The National Credit Union Administration (NCUA) announced a prohibition order in late December preventing an individual from participating in the affairs of any federally insured financial institution. The individual was ordered to pay restitution in the amount of $54,595.21 after pleading guilty to charges of embezzlement and false pretenses.

CUSO Registry announced.

The NCUA announced that credit union service organizations (CUSOs) have 60 days, between February 1 and March 31, to register with the NCUA’s CUSO Registry, the new online system for CUSOs to report their operational and financial information directly to the agency. As part of the launch, the NCUA will host a free webinar on February 11th.

Dodd-Frank stress test scenarios released.

Along with the OCC, the Federal Reserve Board has released supervisory scenarios for the 2016 Comprehensive Capital Analysis and Review (CCAR) and Dodd-Frank Act stress test exercises. Furthermore, the FRB and OCC have issued instructions to firms with assets over $10 billion participating in CCAR. As the guide states, the Dodd-Frank Act requires the Board of Governors of the Federal Reserve System to conduct annual supervisory stress tests of bank holding companies (BHCs) with $50 billion or greater in total consolidated assets.

Human trafficker sentenced to life in prison.

A woman behind a Houston sex trafficking ring has been sentenced to life in federal prison following conviction on January 20th. This is a landmark sex trafficking case, and one of the most significant in scope and magnitude to be tried to a verdict of guilty. The woman was convicted on all counts – conspiracy to commit sex trafficking, conspiracy to harbor aliens, aiding and abetting to commit money laundering and conspiracy to commit money laundering.

Individual to pay $2.55 million for Ponzi scheme.

The DOJ announced that the CEO of purported real estate development firm The George Group was sentenced to 108 months in prison for his role in a $2 million investment fraud scheme. The CEO, a former NBA player, was also ordered to pay $2.55 million in restitution. A forfeiture money judgment of $2.55 million was also entered.

Three home loan modification companies charged with FHA violations.

On January 12th, the U.S. Department of Housing and Urban Development announced that it was charging three California home loan modification companies and their agents with violating the Fair Housing Act. Allegedly the companies were targeting Hispanic homeowners for illegal or unfair loan audit and loan modification assistance.

Goldman Sachs announced $5.1 billion settlement.

On January 14th, Goldman Sachs Group Inc. agreed to a $5.1 billion civil settlement with regulators concerning faulty mortgages. The settlement will resolve claims stemming from the marketing and selling of faulty securities to investors. According to a Bloomberg article, Goldman Sachs will pay a $2.39 billion civil penalty, make $875 million in cash payments and provide $1.8 billion in consumer relief under an agreement in principle with a U.S. task force.